Krista Walochik, President and CEO of Talengo, participated recently together with Keith Pearson, from Pearson Partners International, on an #ExecCareer Chat organised by BlueSteps hosted on the topic of the board recruitment process.Please find hereafter all the questions and @WalochikTLG answers:Blue Steps: What types of board searches do executive search consultants typically get involved in? Is it mostly corporate boards? #ExecCareerKrista Walochik: Mostly mandates are for Non executive directors for quoted and private corporate boards, and for Advisory Boards. Occasionally, Not for Profits #ExecCareer
Blue Steps: What qualifications and skills do executives need to be credible candidates for board seats? #ExecCareer
Krista Walochik Financial literacy, P&L track record, knowledge of business management, stakeholder management. #ExecCareer
Krista Walochik: Stellar reputation, impact/influence, business acumen, strategic perspective. #ExecCareer
Krista Walochik Capable of creating informed, independent opinion. Weighted decision-taking. Results orientation. Integrity. Dedication. #ExecCareer
Blue Steps: Is there demand for board members from the US in Europe due to quotas & do you have any tips for getting these seats? #ExecCareer
Krista Walochik: Quotas in Europe are gender, not nationality-related. #ExecCareer
Blue Steps: Can you provide a few examples of strategies executives can use to put themselves out there for a board seat? #ExecCareer
Krista Walochik: Prepare a Board Profile. Get qualified via recognised training, Get early governance experience (Not for profits and associations count). #ExecCareer
Krista Walochik: Ask your CEO to sponsor you on a non-competitor´s board. Get known to Chairs of NomCo`s#ExecCareer
Blue Steps: What do search consultants look for in a board resume? How should this differ from an executive resume? #ExecCareer
Krista Walochik: We look for Service on boards: Exec, non Exec, lead director, Committee experience. Variety of appointments, business challenges, sectors. #ExecCareer
Krista Walochik: We value Diversity of profile & fit with corporate strategy. C-level successful career. Regulatory limitations. #ExecCareer
Blue Steps: How does the interview process for a board role differ from an executive role? #ExecCareer
Krista Walochik: Directors advise, question, probe, and support the Chief Exec. Challenge action plans. Focuus on long term value. #ExecCareer
Krista Walochik: Impact, influence, strategic thinking, independence, teamwork define the great board member. Not ability to execute. #ExecCareer
Blue Steps: Can you give any insight into the shortlisting and selection process for board roles? #ExecCareer
Krista Walochik: A slate may be discussed before candidates are contacted for the role, to narrrow the list and reduce # of rejections. #ExecCareer
Krista Walochik: Board composition and diversity increasingly drive digital, international, female profiles. #ExecCareer
Krista Walochik: Three factors help: Personal relationships with Board members; public, political or business visibillity, professional prestige.#ExecCareer
Blue Steps: What are some challenges candidates may need to be prepared for during board hiring process? #ExecCareer
Krista Walochik: Multiple decision takers. Intensive reference taking. In some cases, regulatory approval. #ExecCareer
Krista Walochik: Candidate must check chemistry with other directors, explore individual contribution to board performance. Make Due diligence on company & top executive, and issues before the Board#ExecCareer
Blue Steps: What should candidates know about the onboarding process once they are selected for a board position? #ExecCareer
Krista Walochik: Not all boards have formal induction processes: be prepared to request information, contacts with the executive, exposure to sites, a mentor on the board. #ExecCareer
Blue Steps: What would you rank as the major challenges modern boards face at the moment? #ExecCareer
Krista Walochik: Risk management, compliance, strategy & disruptive technology. Shareholder & activist management, Board composition, diversity & effectiveness, CEO succession, organisational talent #ExecCareer
Blue Steps: Once an executive gets a board role, what are some do’s and don’ts for the first board meeting? #ExecCareer
Krista Walochik Do Prepare, read papers, understand industry drivers. Do Listen, Seek to understand, Observe dynamics. Don´t try to make an impact from day 1. #ExecCareer
Last question: Any final words of wisdom for executives seeking a board seat? #ExecCareer
It´s not for everyone. Understand the job & success factors, your legal obligations, & how you will add value to the board. #ExecCareer
Don´t rush to accept your first offer. Choose wisely. One Director role, if you have a full time Exec position, is about right. #ExecCareer
Additional tweets:
Career paths to the Board: c-level Executive roles (CEO, CFO). Independent Advisor/professional. Corporate Banking. Family Business. Entrepreneur. Politics. Public Service. Academia. #ExecCareer
Warning signs: insufficient, untimely, incorrect information, lack of debate on Board, decisions that compromise future, frequent conflicts of interest, Majority overrides in decision taking, illegalities. #ExecCareer
You can find transcript all the chat on this Bluesteps link: https://www.bluesteps.com/blog/board-recruitment
